POST-MARKET SUMMARY 19 October 2023

The Indian stock market continued to face downward pressure for the second consecutive day on October 19, influenced by negative global trends linked to the Middle-East crisis and the ongoing earnings season. The benchmark indices began the day with a significant drop and largely maintained a selling trend throughout the session. Nevertheless, some buying activity in the latter half of the day allowed the market to recover from its lowest point and close with relatively better performance.

 NIFTY:  The index opened 126 points lower at 19,545 and made a high of 19,681 before closing at 19,624. Nifty has formed a bullish candlestick pattern with an upper shadow on the daily chart. Its immediate resistance level is now placed at 19,700 while immediate support is at 19,500.

 BANK NIFTY: The index opened 272 points lower at 43,616 and closed at 43,754. Bank Nifty has formed a bullish candlestick pattern with a long upper shadow, which resembles an Inverted Hammer kind of pattern formation on the daily scale. Its immediate resistance level is now placed at 44,050 while support is at 43,600.

Stocks in Spotlight

▪  Nestle India:  Stock surged over 3% after the company reported a 36% jump in consolidated net profit at Rs 908 crore for the September quarter of FY24.

▪  Shoppers Stop:  Stock narrowed losses to close ~1% lower after the department store chain reported an 83.3% decline in net profit at Rs 2.70 crore for the September quarter.

▪  LTIMindtree: Stock closed almost 6% higher after the IT services player posted in-line revenue growth in the September quarter on strong deal wins despite a challenging demand environment and higher-than-expected margins.

Global News

▪  Pan-European Stoxx 600 index was down 0.7%, with most sectors trading in negative territory. Autos led losses, down 1.6%, as Renault shares fell as much as 7% after missing revenue expectations. Tech stocks bucked the trend with a 1.6% uptick.

▪  Spot gold was steady at $1,950.31 per ounce after hitting its highest since August. U.S. gold futures eased 0.3% to $1,962.40.

▪  Asia-Pacific markets saw a wide sell off, with South Korea, Hong Kong, and mainland Chinese markets seeing losses of about 2% each.

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